Sports Betting Market Outlook
According to the report by Expert Market Research (EMR), the global sports betting market size reached a value of USD 98.26 billion in 2023. Aided by technological advancements, regulatory relaxations, and a heightened interest in sports globally, the market is projected to further grow at a CAGR of 9.30% between 2024 and 2032 to reach a value of USD 218.76 billion by 2032.
Sports betting is the activity of predicting sports results and placing a wager on the outcome. It spans a range of sports including football, basketball, baseball, hockey, track cycling, auto racing, and mixed martial arts, among others. Betting can also extend to non-athletic events, such as reality show contests and political elections, and non-human contests such as horse racing, greyhound racing, and illegal, underground cockfighting.
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As per the sports betting market analysis, the surge in sports betting is primarily driven by the integration of digital technology. Online platforms and mobile applications have transformed betting from traditional bookkeeper methods to instant, accessible, and widely available online services. The convenience of mobile computing devices and internet accessibility has enabled real-time betting on live sports events, thus significantly enhancing user engagement.
As per the sports betting market outlook, the rise of virtual sports and eSports has opened new avenues for the market. Virtual sports, which are electronic games that simulate real sports events, offer continuous betting opportunities, unaffected by real-world event schedules. eSports, involving competitive video gaming, has also seen a dramatic increase in viewership and professional participation. Advanced technologies like Artificial Intelligence (AI) and blockchain are improving the transparency and security of online betting platforms. AI algorithms help in providing personalised experiences to users, while blockchain technology ensures secure transactions and protects against fraud.
Several regions have witnessed relaxation in sports betting regulations, contributing to sports betting market growth. For instance, the United States’ Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act (PASPA) in 2018 allowed states to legalise sports betting if they choose. This has led to an expansion in the number of legal and regulated sports betting industries across the country.
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The growing fanbase of sports leagues, such as the NFL, NBA, and English Premier League, has fostered a conducive environment for sports betting. Major sporting events, including the FIFA World Cup and the Olympics, further stimulate market activity during event years.
Aggressive marketing campaigns and sponsorships in the sports betting market by major betting companies have also significantly contributed to the visibility and mainstream adoption of sports betting. Sponsorship deals with major sports teams and leagues bring extensive visibility and have helped normalize sports betting in many societies.
North America currently holds a substantial sports betting market share, thanks to regulatory changes and technological adoption. Europe follows closely, with mature markets like the UK leading in terms of regulatory environment and market size. The Asia Pacific region is expected to witness significant growth, driven by increasing internet penetration and the gradual relaxation of betting regulations in countries like Japan and India.
Looking ahead, the global market is expected to continue its growth trajectory, supported by technological innovations, an expanding legal landscape, and the global popularity of sports. Strategic partnerships between betting companies and sports leagues, along with a focus on sustainable and responsible gambling practices, are anticipated to contribute to the sports betting market expansion. Companies that can navigate this complex landscape while promoting safe and responsible betting will likely emerge as leaders in the burgeoning global market.
Sports Betting Market Segmentation
The market can be divided based on betting type, sports type, platform, and region.
Market Breakup by Betting Type
- Fixed Odds Wagering
- Exchange Betting
- Live In/Play Betting
- E-Sports Betting
- Others
Market Breakup by Sports Type
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
Market Breakup by Platform
- Online
- Offline
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global sports betting market. Some of the major players explored in the report by Expert Market Research are as follows:
- International Game Technology
- GVC Holdings
- Bet365
- Scientific Games
- Flutter Entertainment plc
- William Hill PLC
- Playtech plc
- Kindred Group
- 888 Holdings Plc
- Betsson AB
- Others
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